Bitdeer Technologies has sold every single thing it owns, which is a very unusual action for a Bitcoin mining corporation. In fact, according to their most recent weekly report (February 20th), Bitdeer now has no pure Bitcoin ("nothing to show for it"). They have not lost or cut any of their Bitcoin. Throughout the reporting period, Bitdeer created 189.8 Bitcoins and sold them all. In addition, they also sold an additional 943.1 of their Treasury Bitcoins. So, as of the February 13th report, those 943.1 Bitcoins were still unchanged from last week. The company has been regularly selling its newly produced coins without affecting its reserves until this moment. The situation changed overnight. According to Cointelegraph, Bitdeer has not yet responded to our inquiry, nor have they given any official statement. This isn't about a small miner who's reached the end of their runway. Jihan Wu, who was one of the original founders of Bitmain is the creator of Bitdeer, which has now become the<a href="https://cointelegraph.com/news/bitdeer-sells-bitcoin-treasury-zero-holdings" rel="noopener noreferrer" target="_blank"> </a><a href="https://cointelegraph.com/news/bitdeer-sells-bitcoin-treasury-zero-holdings" rel="noopener noreferrer" target="_blank">largest publicly traded Bitcoin miner</a> based on self-mining hash rate. According to Bitdeer's January report, they are capable of mining at a self-mining rate of<a href="https://ir.bitdeer.com/news-releases/news-release-details/bitdeer-announces-january-2026-production-and-operations-update" rel="noopener noreferrer" target="_blank"> </a><a href="https://ir.bitdeer.com/news-releases/news-release-details/bitdeer-announces-january-2026-production-and-operations-update" rel="noopener noreferrer" target="_blank">63.2 EH/s</a>, increasing an amount of 14% over December, and are therefore able to surpass MARA Holdings rate of 61.7 EH/s. They mined a total of 668 Bitcoin throughout January 2023. Bitdeer also reported revenues of<a href="https://ir.bitdeer.com/news-releases/news-release-details/bitdeer-reports-unaudited-financial-results-fourth-quarter-and-0" rel="noopener noreferrer" target="_blank"> </a><a href="https://ir.bitdeer.com/news-releases/news-release-details/bitdeer-reports-unaudited-financial-results-fourth-quarter-and-0" rel="noopener noreferrer" target="_blank">$224.8 million during Q4 2025</a>, a 226% increase from the same quarter one year prior and a net profit turnaround from a loss of $531.9 Mil to $70.5 Mil. This company continues to grow rapidly. They have also recently emptied their Bitcoin vault.<h2>The Convertible Debt Context</h2>Time is of the essence. Bitdeer announced plans to raise<a href="https://www.coindesk.com/business/2026/02/19/bitcoin-miner-bitdeer-tumbles-17-as-usd300-million-convertible-note-offering-spurs-dilution-fears" rel="noopener noreferrer" target="_blank"> </a>$300 million through a private issuance of convertible senior notes due in 2032, with the option to increase the deal by an additional $45 million, two days prior to the Treasury Liquidation Report. At Bitdeer's option, the notes may be exchanged for cash, Class A common stock, or a combination of the two. Following the announcement, BTDR shares plummeted 17%, hitting a 10-month low of $8 for the first time since April. The stock is<a href="https://coinmarketcap.com/academy/article/bitdeer-stock-drops-17percent-on-dollar300m-convertible-note-offering" rel="noopener noreferrer" target="_blank"> </a>down around 70% from its all-time high of $26 in January 2025 and down 29% so far this year. Because investors price in future dilution, convertible debt issues put pressure on equity prices. Noteholders convert debt to shares if the stock rises, increasing the number of shares. The market seemed unconcerned with Bitdeer's statement that it will enter capped call transactions to limit dilution. This is the company's second issue of convertible notes; an almost equal 18% decline was caused by a $150 million sale in April 2024. The money raised will go toward developing mining hardware, expanding data centers, expanding AI clouds, and meeting general business demands. Selling 943 Bitcoin at about $67,000 a coin brings in about $63 million in cash right once, which isn't enough to finance a $300 million expansion, but it will cover short-term capital requirements as the loan offering settles.<h2>The AI Pivot Driving the Cash Burn</h2>The treasury liquidation of Bitdeer is not an isolated event. For months, the business has been steadily cutting back on its Bitcoin holdings. Holdings fell 24% from 2,017 BTC to 1,530 BTC in January. They reached<a href="https://crypto.news/bitdeer-trims-bitcoin-reserves-below-1000-btc-threshold/" rel="noopener noreferrer" target="_blank"> </a>943 by the middle of February. They are now at zero. The trajectory is in line with Bitdeer's aggressive shift into AI infrastructure and high-performance computing, which is a risky venture that calls for quick cash flow rather than balance sheet growth of Bitcoin. Although the business has installed its first<a href="https://ir.bitdeer.com/news-releases/news-release-details/bitdeer-ai-accelerates-global-ai-cloud-expansion-nvidia-gb200" rel="noopener noreferrer" target="_blank"> </a><a href="https://ir.bitdeer.com/news-releases/news-release-details/bitdeer-ai-accelerates-global-ai-cloud-expansion-nvidia-gb200" rel="noopener noreferrer" target="_blank">NVIDIA GB200 NVL72 infrastructure</a> in Malaysia, with 41% usage, its GPU cloud now only brings in roughly $10 million annually in recurring income. For a business valued at about $4 billion, that is a respectable return. Along with creating its own unique SEALMINER chips, Bitdeer has finished tape-out its first Litecoin/Doge mining chip. The 04-1 model is expected to go into mass production in early 2026. All of these projects require funding. The most liquid asset on the balance sheet was the Bitcoin treasury, which was spent.<h2>What This Signals for the Mining Industry</h2>The reason Bitdeer isn't the only company selling is due to mining economics. Block rewards have decreased from 6.25 BTC to 3.125 BTC since the April 2024 halving. The revenue per unit of hashrate, or hashprice, has been reduced. By January 2026, industry-wide mining revenues had dropped from $1.59 billion in October 2025 to $1.12 billion. In the most recent recalculation on February 19, mining difficulty<a href="https://www.coindesk.com/markets/2026/02/20/bitcoin-difficulty-jumps-15-largest-increase-since-2021-despite-price-slump" rel="noopener noreferrer" target="_blank"> </a>increased by 14.73% to 144.4 T. As a result, there will be more rivalry for fewer coins and higher operating expenses. Large holders have been the main driver of recent inflows to cryptocurrency exchanges, according to CryptoQuant statistics, with the<a href="https://www.theblock.co/post/390712/cryptoquant-bitcoin-whale-deposit-ongoing-bear-phase" rel="noopener noreferrer" target="_blank"> </a>whale share hitting 0.64, its highest level since October 2015. February saw the highest average daily Bitcoin inflows to exchanges since June 2022, at 1.58 BTC per entity. The most obvious illustration of a larger trend is Bitdeer's complete liquidation: miners are selling because the post-halving economics demand it, not because they have lost faith in Bitcoin. Keeping inventory is a luxury that most miners cannot afford when the price of Bitcoin is around $67,000 and your production cost per BTC is between<a href="https://www.ainvest.com/news/bitcoin-mining-profitability-2026-cost-floor-price-floor-2602/" rel="noopener noreferrer" target="_blank"> </a>$65,000 and $70,000.<h2>The Contradiction: Largest Miner, Zero Bitcoin</h2>This is what makes Bitdeer's predicament truly unique. By hashrate, this miner is currently the biggest publicly traded Bitcoin miner in the world, and it doesn't own any Bitcoin. The business mines about 190 BTC a week, sells it all right away, and doesn't have any reserves to cover price increases. That's a pure mining-as-revenue-generation model, not a mining-as-accumulation strategy. Companies like Strategy (previously MicroStrategy) and even MARA Holdings, whose sole goal is to stack Bitcoin on the balance sheet, do the exact opposite. You are being told two things at once by the market. First, Bitdeer's operational development is genuine, as seen by its record hashrate, profitable quarter, and<a href="https://www.theblock.co/post/390496/bitdeer-shares-slip-300-million-note-offering-scale-high-performance-computing" rel="noopener noreferrer" target="_blank"> </a><a href="https://www.theblock.co/post/390496/bitdeer-shares-slip-300-million-note-offering-scale-high-performance-computing" rel="noopener noreferrer" target="_blank">430% year-over-year production rise</a>. Second, corporate treasuries are not showing any belief in Bitcoin as a result of all that growth. The business is going with AI infrastructure rather than Bitcoin reserves. Whether you believe GPU cloud revenue at 41% utilization will scale faster than Bitcoin's price recovery will determine whether that is a survival strategy or a strategic change. A zero-BTC treasury from the industry's hashrate leader is difficult for cryptocurrency investors who use miner activity as a market signal to interpret as anything other than a declaration of short-term goals, and those objectives don't include retaining Bitcoin.

Bitdeer sold its entire 943 BTC treasury, dropping holdings to zero as it pivots to AI infrastructure and faces post-halving pressure, signaling cash prioritization over Bitcoin accumulation.

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